Golden Ocean swung to an operating loss of $15.5 million from a $25.2 million profit in the same period a year ago, while analysts in a Reuters poll had on average expected a $23 million profit.
Impairments related to five vessels of $38.7 million was the main reason for the decline in the operating result, it said.
"First quarter of 2011 has been a rough experience for owners of dry bulk vessels," the firm said in a statement.
"In particular the Capesize segment has suffered, with average earnings during the first quarter barely covering operating expenses."
Golden Ocean is struggling with counterparty risk in the charter market, especially after the January bankruptcy of Korea Line , South Korea's second-biggest dry bulk shipping line, which forced two Golden Ocean ships off charter and into the depressed spot market.
The board said it would pay a dividend of $0.04 per share for the quarter, in line with forecasts.
"The impairment loss was a surprise," said Nordea analyst Anders R. Karlsen. "The dividend was good, but (it reported) somewhat lower figures than we expected.
The company said demand growth overall, measured in tonne miles, "has been, and is expected to be, healthy ... supported by the general temperature of the global economy."
It also said the difficult market situation "should lead to interesting investment opportunities. (Reuters)
